|
The
company said Friday that the new entity will be called Exemplar
Luxury Group, and with an improved balance sheet, including a
nearly 75% debt reduction and $500 million in extra financing.
Its CEO, Geoffroy van Raemdonck, said the New York-based company
is ready for its next chapter after navigating several
tumultuous years.
“Today is really a brand new day for the organization and a new
day where these three iconic banners have the right funding, the
right equity and a bright future ahead of them,” van Raemdonck
told The Associated Press on Friday during a phone interview.
Van Raemdonck said that the new name signifies the company's
focus on having an exemplary shopping experience — the best
merchandise, and better personalized service with customers,
with help from its sales associates and the treasure trove of
data it has on its customers. The company employs more than
1,500 sales associates who have sold more than $1 million of
goods each, he said.
Saks Global had filed for bankruptcy protection in January of
this year, buffeted by rising competition and the massive debt
it took on to buy its rival in the luxury sector, Neiman Marcus,
in July 2024.
Before the bankruptcy, there were 33 Saks stores and 36 Neiman
Marcus locations, according to the company, as well as its
Bergdorf Goodman store on Fifth Avenue and roughly 70 Saks Off
5th discount stores.
Now, there are a total of 49 stores — 15 Saks Fifth Avenue
stores, 33 Neiman Marcus stores and its Bergdorf Goodman store.
The company shuttered most of its Saks Off Fifth discount
stores, and it now has 12 outlets, the company said.
Exemplar Luxury Group said it has been teaming up with Pentwater
Capital Management and Bracebridge Capital throughout its
restructuring process. Both firms will have two representatives
on the seven-person board. In addition, van Raemdonck as well as
former Ulta Beauty CEO Dave Kimbell and Philippe Schaus, who
most recently served as Global CEO of Moët Hennessy, will serve
on the board, the company said.
All contents © copyright 2026 Associated Press. All rights reserved
|
|
